TAIPEI (Taiwan News) — Total Taiwanese investment in the Philippines has reached US$640 million (NT$17.9 billion), with ever more firms keen to get in on the action in the southern neighbor’s economy as the pandemic eases.

“We look forward to more Taiwanese investors coming to the Philippines when the pandemic is further mitigated,” said Hsu Peiyung (徐佩勇), head of mission at Manila’s Taipei Economic and Cultural Office (TECO) in a speech at Global Biz, an event aimed at attracting foreign investment to the Southeast Asian country.

Hsu said his office in Manila keeps getting inquiries from Taiwanese firms about investing in the country. He cited initiatives like the Philippine Economic Zone Authority as enhancing the business environment, according to a Manila Bulletin report.

Taiwanese investments have generated around 40,000 jobs in the Philippines with Kinpo Electronics (Philippines), Inc., Acbel Polytech Philippines, Inc., and Tong Hsing Electronics Phils. Inc. being among the most important investors.

In his speech, Hsu said PEZA Director General Charito B. Plaza is doing a great job lowering entry barriers for Taiwanese businesses that register with the Authority.

Hsu also hailed a new move by PEZA to grant foreign investors as well as their dependents and key employees a two-year visa as a big step in the right direction. The new visa scheme, which will kick off at the start of next month, will also lower processing times from one month to 10 days.

“In this regard, we would like to inform you that there have been many positive responses from Taiwanese locators of PEZA to this new measure,” concluded Hsu.